Why You Should Hire A Probate Lawyer

Probate 12/09/19 | Superadmin

Hiring a probate lawyer or specialist may be something that you are considering. You may have done a little bit of research online, yet you may be feeling unsure regarding how much you should pay for this service. In this article, we will reveal how much solicitors and accountants typically charge for probate UK services, as well as looking at the various scenarios whereby you should consider hiring a specialist.

Should I use a probate specialist?

There are a number of situations whereby you may need a probate expert. A probate specialist is someone whose specialty is dealing with probate specifically. This could be an accountant, or it could be a solicitor. Some of the scenarios whereby you may want to think about using a probate specialist are as follows:

  • The deceased resided outside of the United Kingdom for tax purposes
  • The estate included foreign assets or foreign property
  • There are doubts that the estate is bankrupt
  • The estate is bankrupt, also known as insolvency
  • The estate has complex arrangements, for example, assets held in a trust
  • The deceased has dependents who were left out the will deliberately yet want to make a claim on the estate
  • There are doubts raised about the will’s validity
  • The deceased died without having a will in place and the estate is a complicated one to administer
  • The value of the estate is more than the threshold for inheritance tax and the estate is still earning an income on a regular basis whereby there are complicated taxes due

How much do probate services cost?

Now that you are aware of the different scenarios whereby it is recommended to hire a probate solicitor; it is important to look at how much you should expect to pay for this service. There are some probate solicitors and specialists that will charge an hourly rate whereas others will charge a fee that is a percentage of the estate’s value.

The fee is typically calculated as between one and five per cent of the estate value plus VAT. For example, if you choose a specialist that charges 1%, and the estate is valued at £100,000, you will need to pay fees of £1000 plus VAT, which would be 20%, making the VAT £200. This means that the total amount payable is £1200. If you were to choose a solicitor charging 5% of the estate value for the same estate, you would need to pay £5000 in solicitor’s fees. The VAT on this would be £1000. Therefore, the total payable will be £6000.

There are then some probate solicitors who will charge a percentage fee and an hourly rate. This does not always mean that the service is more expensive and this is why it’s so important to read the terms and conditions thoroughly before choosing a solicitor to work with.

Finally, a lot of people will like to look for companies who charge a fixed fee for their services. This means that you will be quoted a specific amount and this is the figure that you will pay despite the value of the estate.

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